0650 GMT - Weibo is likely to face continued pressure on revenue going forward, CCB International analyst Cathy Chan says in a research note. A broad-based consumption recovery in China is the only way Weibo will be able to turn around the business as over two-thirds of the company's advertisers are from consumption-related verticals, she says. Chan says she "conservatively" assumes a 4% on-year decline for 4Q revenue and no growth in 2025. She downgrades the stock to neutralfrom outperform and cuts the target price to HK$77.22 from HK$93.60, citing its fragile ads recovery. Shares are 0.9% higher at HK$72.00. (tracy.qu@wsj.com)
(END) Dow Jones Newswires
November 21, 2024 01:50 ET (06:50 GMT)
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